Punjab National Bank Launches 'Safety Ring' Feature to Combat Cyber Fraud

State-owned Punjab National Bank (PNB) introduced a new security feature called ‘Safety Ring’ in its internet banking and mobile banking systems on Tuesday. This feature aims to reduce the risk of losses from unauthorized access by cyber fraudsters, PNB stated.

‘Safety Ring’ is an optional feature that allows customers to set a daily transaction limit for term deposits (TDs) when closing them online or using them for overdraft facilities. This limit helps protect the customers’ accounts from fraud by restricting how much can be withdrawn or used.

The customer sets the consolidated digital channels limit, which is the maximum amount up to which the TD can be closed or an overdraft can be availed. Once this limit is set, the ‘Safety Ring’ ensures that the TD cannot be closed, withdrawn, or used for loans (overdraft) beyond this customer-defined limit through any digital channels.

PNB’s new security measure comes as a response to the increasing number of cyber fraud cases. The bank’s statement highlighted that this feature adds an extra layer of protection to customers’ accounts, helping to safeguard their money.

This initiative by PNB is part of its ongoing efforts to enhance the security of its digital banking services and provide its customers with more control over their transactions. The introduction of ‘Safety Ring’ reflects PNB’s commitment to leveraging technology to offer safer banking options to its customers.